The London market startup has also appointed the former president and chief executive of AIG’s Lexington Insurance 

New London insurance group Inigo has received approval in principle from the Corporation of Lloyd’s and will start underwriting for 2021.

This follows the insurance group raising $800m in startup funding from a group of blue-chip investors. 

Meanwhile Inigo has appointed the former president and chief executive of AIG’s Lexington Insurance, George Stratts as its head of first party.

He will build a property underwriting unit, and he is the first in a number of senior underwriters that will join Inigo in the near future to work alongside chief executive Richard Watson, and co-founders Russell Merrett and Stuart Bridges – all formerly Hiscox bosses.

Stratts said: “After my time at Lexington I was looking for a completely fresh challenge and Inigo provides that.

“It is great to be part of this start-up team, with the opportunity to build up a leading business from scratch. I am looking forward to working across the London insurance market and creating something quite special.”

Great opportunity

Watson said: “Our plans are coming together, and we now have the green light to start underwriting from January.

“The Lloyd’s market promises to be an exciting place in 2021 and I am delighted we are going to be a part of it.

”This is a great opportunity to build a highly focused business, which attracts good underwriters and gives them the freedom, and the tools to succeed.

“Our new technology-based underwriting, will be there to support brokers and clients alike in under-served sectors of the market.”